Gainesville, Fl. — CB Richard Ellis Capital Markets Group has arranged approximately $27.5 million in permanent financing on behalf of Glenmont Arlington Biltmore LLC for the take-out of the existing construction loan for Canopy Apartments. The complex, which opened in August 2009, is a newly constructed, 97 percent leased, 240 unit/770 bed luxury student housing community in Gainesville, located near the University of Florida campus. Terms of the financing, arranged by CBRE’s Glenn Housman, include a 10-year term, an attractive spread over the 30-day FHLMC Ref. Bill, a loan-to-value ratio of approximately 70 percent and a debt service coverage of 1.55x.
— Lindsay Sport